Rupee Gains 38 Paise Against US Dollar On Easing Crude Prices

image

MUMBAI: Continuing its recovery, the rupee Friday strengthened by 38 paise to 73.74 against the US dollar in early trade in the forex market after global crude prices eased.

Besides, dollar-selling by exporters and banks, the greenback’s weakness against some currencies overseas, helped the recovery in the domestic currency.    

Brent crude fell 3 per cent to trade at 80.37 a barrel in the global market.    

Forex dealers said a higher opening in the equity market also supported the rupee’s sentiment. The local unit, after hitting a record low of 74.50 Thursday, recovered 9 paise to end at 74.12 against the dollar.    

Meanwhile, the BSE benchmark Sensex rebounded 377.12 points, or 1.11 per cent, to 34,378.27 in opening trade.

Source: NDTV Profit